What kind of people use check-cashing places? How do they work? Do such places contribute to inequality?
And most important — why are people paying for their own money?
In their video “Checkmate,” the Internets Celebrities, a.k.a. Dallas Penn and Rafi Kam, explore these questions and eventually, in their words, “make it rain.”
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. You can also watch it on 
Check cashing shops are not illegal, but they are at the very least distasteful and opportunistic.
We need to educate people on how to protect their money, reduce their debt, and spend wisely.
I’m curious: why is it distasteful for a check cashing shop to exist, with clear terms, while it isn’t distasteful for McDonalds to exist? What about liquor stores?
As soon as we start judging businesses morally for providing a service the customer wants, aren’t we engaging in a dangerous paternalism to the supposedly uneducated customers?
I have no problem saying it’s a poor choice to use a check-cashing shop, any more than I think it’s a poor choice to engage in any other self-destructive behavior. That said, I don’t think there’s anything wrong with enabling that self-destructive behavior.
If I am my brother’s keeper, then I’d better be given the power, not just the responsibility. If you want one segment of the population to morally judge (or worse, legislate) the vices of another segment, you’d better be ready for the consequences of THAT choice.
another scam is the coinstar machines, which also ripoff poor people (ever see a rich guy cashing in pennies?)- all this stuff should be illegal
@frankenduf and greedisnotgood
So its bad to offer a service that people actually use and pay for? These places exist because there is a need in the market that isn’t being addressed elsewhere. Please spare us your moral outrage.
(I would be considered pretty well off and I cash in my change every two months which includes quite a few pennies)
I’m a rich guy and I use Coinstar all the time. Never used a check cashing place though… I only get ripped off by the commercial banks.
I used coinstar a few months ago and they waived their cut if you took the money as a giftcard for a bunch of popular companies- amazon, starbucks, etc. We’re careful about using giftcards quickly and completely, so I liked this deal, but you can see how coinstar probably makes more money this way.
Re: #3 — How are coinstar machines a ripoff? If you’ve ever sat around, counted a jar of pennies and rolled them into coin roll papers, you would gladly pay a percentage to have a machine count and sort it for you. It is tedious and can take hours. These machines provide a service. If you don’t think it’s worth it, don’t pay for it.
You also can’t draw conclusions about who uses these machines, as many millionaires in America got that way by living frugally and modestly, and continue to do so.
Poster #2, it is indeed distasteful and opportunistic. Just like $5 hot dogs at a pro ballpark. Or cheaply made vinyl ponchos at Disney World (only purchased when it rains).
Many of these places have huge markups because there is little or no other choice at that time and place. You can’t bring hot dogs or a six pack into the ballpark, so they have a monopoly on food and drink.
I certainly dislike being overcharged when I am at a disadvantage. I’m not against a nice profit for the seller, but those flimsy ponchos must have a massive profit built in.
In the end, I resent being taken advantage of. I look unfavorably at companies who use these practices.
There are price gouging laws on the books, particularly used for gas stations who raise their prices to take advantage of consumers.
We can all respect an “Honest profit.” Some tactics cross over the line.